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Colorado tax-slashing proposals scare GOP, Democrats

Businessmen gather at an empty Denver Broncos stadium, with an ominous warning. The more than 70,000 vacant seats around them, they say, represent the number of state jobs that would be lost if three tax-slashing and debt-cutting measures are approved in next month's election.

While many states are wrestling with billion-dollar budget deficits, Colorado voters are being asked to ban borrowing for public works, cut the income tax and slash local property taxes. The net effect, once fully implemented, would cost the state $2.1 billion in revenue annually.

Someone who earns $55,000 and has a $295,000 home would save $1,360 a year.

Opponents say the proposals could devastate the state economy, while proponents contend it is the way to a better economic future.